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Board hears update on CRA extension talks, county interlocal and Invest Fort Lauderdale
Summary
Staff said the city is working with Broward County on an interlocal agreement to extend the local CRA and noted a proposed approach of extending 50% of the city's TIF for 10 years with reevaluation every two years; board members asked for audits and financial details before making recommendations.
City staff told the Budget Advisory Board that direction at recent goal‑setting was to pursue a CRA extension with Broward County and to draft an interlocal agreement for the commission’s later vote. Staff said the commission instructed staff to pursue an extension that would use 50% of the city's tax increment financing (TIF) for 10 years, with reevaluation every two years.
Staff described the current financial posture of the Northwest CRA in the city. According to staff remarks at the meeting, about $40 million of CRA funds are already committed to projects and a portion of that has been leveraged through debt; staff said prior commission direction asked the city to negotiate an interlocal with the county even if the county does not contribute additional TIF dollars. The county, staff said, must still agree to the interlocal for the extension to proceed.
Board members asked for more financial detail before making a recommendation. Several members said they wanted the most recent audited CRA financials, a timeline of committed projects, and a replay of the prior CRA presentation so the board could assess what impact a $5 million annual contribution (a number discussed at the workshop) would have. One board member noted pending state legislation in Tallahassee that could alter the legal authority for CRA extensions; staff said that legislation was paused at the most recent committee meeting.
Staff listed next steps: send the county the draft letter asking to proceed with an interlocal agreement, await counsel from Broward County’s attorney, and bring the final interlocal back to the commission for vote. The board scheduled a possible separate CRA briefing and asked staff to provide the most recent audited CRA financials and past presentations for review.
Ending: Staff said it will continue working with the county on a draft interlocal and return to the commission for approval; the board asked to receive supporting financial materials before proposing recommendations on CRA policy or funding.
